LB Aluminium unit buys into property firm

KUALA LUMPUR (Oct 24): LB Aluminium Bhd said its 51%-owned subsidiary Citajaya Kuasa Sdn Bhd has subscribed for two million new shares, representing an 80% stake in Contras Build Sdn Bhd for a cash consideration of RM2 million.

The remaining 49% of Citajaya is held by Datuk Seri Gan Yu Chai, the group said in a filing with Bursa Malaysia.

Meanwhile, the remaining 20% of Contras is held by Wan Shafie Abdul Rashid, Shaik Ahmad Sufian Shaik Kamal Farid and Nabeel Nokman.

Following completion of the share subscription, Contras is now an 80%-owned subsidiary of Citajaya and a sub-subsidiary of the company.

Contras’ principal activity is property development and has an issued share capital of RM2.5 million.

LB Aluminium’s share price was down 44 sen today, with a market capitalisation of RM109.33 million.

Source: TheEdgeMarkets